Easily Shortlist and Compare Asset Management Software That Meets Your Facilities & Equipment Management Requirements

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Over 16733 Businesses Have Used Comparesoft to Compare Asset Management Software

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Basics of Asset Management

Asset Management Software is a digital tool used to track and manage business assets. It allows companies to manage multiple assets in one place. Including software, hardware, equipment, and tools. Asset Management Software lets businesses perform life cycle management. Collecting data from asset purchasing to disposal. Helping to create mobile asset registers and plan preventive maintenance. As well as improve inventory management. An asset management tool also simplifies depreciation calculations. Allowing asset managers to track each asset’s ROI.

What Is Asset Management Software?

Asset Management Software is a computerised system used by organisations to improve the management and tracking of assets. It allows asset managers to build a detailed asset register. Helping to store all asset data in one place. Reducing the need for error-prone spreadsheets.

Asset Management Software can be coupled with various asset tagging tools. Including Barcodes, RFID tags, and GPS trackers. Also known as asset tags. As well as IoT-enabled monitors for machinery and equipment. Helping to improve location tracking and real-time data analysis.

An asset management system lets businesses store data on multiple types of assets. Especially those that are essential to day-to-day operations and generating revenue. An effective solution provides various benefits, including:

  • Increasing asset visibility with real-time tracking
  • Creating accurate asset registers
  • Optimising the useful life of mission-critical assets
  • Reducing costs associated with purchasing and maintenance
  • Ensuring health, safety, and compliance

Common Asset Management Software Features & Capabilities to Maximise Life Cycle Management

Asset Management Software includes multiple features that help improve asset life cycle management. Including the ability to track physical assets, IT equipment, and fleet vehicles. Allowing asset managers to track the stages of an asset’s useful life. Including planning, procurement, maintenance, operation, and disposal. Data is then stored, monitored, and accessed via an asset register. The typical features of an asset management system allow users to:

Track and Manage Assets in Real-Time

The ability to track physical assets is made possible by affixing tags and labels. They include barcodes, RFID tags, QR codes, NFC tags, and GPS trackers. Each asset tag has its own benefits and suits different tracking environments. An asset tag enables businesses to keep track of their assets. Knowing where they are located and who is using them. Whether that be warehouse stock or IT hardware in offices. As well as seeing an asset’s purchase history and maintenance schedules.

Plan and Schedule Preventive Maintenance

To keep assets in optimal working condition, businesses need to effectively plan maintenance strategies. By monitoring the asset life cycle, maintenance managers can gather data on various factors. Such as useful life, condition, repairs, breakdowns, and an asset’s life span. This data then helps to build a preventive maintenance schedule. Enabling companies to plan for the maintenance of mission-critical assets. This reduces the risk of unplanned downtime and improves the condition of assets. As well as reducing costs associated with downtime and maintenance.

Build a Detailed Asset Register

Asset Management Software provides the tools to build an accurate asset register. An asset register consists of various data that helps to make better-informed decisions. Particularly when it comes to purchasing, maintenance, and operation. Asset registers include real-time locations, purchase information, and maintenance plans. As well as depreciation values. They’re available to users on desktops as well as mobiles, via a cloud-based app. Allowing them to be accessed at any time, whether in the office or in the field. As opposed to using spreadsheets, which can be error-prone and time-consuming.

Access Data From a Mobile Device

Mobile access allows users to access data from anywhere at any time. Whether that be field operators, asset managers, or maintenance engineers. Accessing an asset management system on mobile is possible through the use of a mobile app. It allows users to view, update, and add to an asset register when off-site. Devices with built-in scanners for QR codes and Barcodes can also update data on the go.

Track and Monitor Asset Life Cycle Management

Asset Management Software is key for tracking and monitoring the stages of an asset’s life cycle and taking a strategic and analytical approach to asset management. By having this data, businesses can make better decisions when it comes to the four key stages of an asset's life cycle; planning, purchasing, operations and maintenance, and disposal. It lets businesses know when an asset is running at optimal performance. As well as increasing asset reliability through maintenance.

tracking and monitoring asset life cycle management

Improve Inventory Management

Although asset management tracks equipment a business uses, it also monitors inventory levels. Asset Management Software can be set up to track inventory that moves in and out warehouses. Whether that be part of a supply chain or stock in a warehouse. Thanks to IoT-enabled tools and tracking technology such as Barcodes. All inventory data is stored on a shared system. Providing greater visibility to all users. Compiling an inventory of assets also allows companies to identify and remove ghost assets.

The Benefits of Using Asset Management Software in Asset-Heavy Businesses

Asset Management is the action of planning and governing a business’s entire asset inventory. Including acquiring, operating, maintaining, and disposing of. The management of assets, both tangible and intangible, consists of several factors. All help to monitor and track a business’s most important and financially reliant assets. Whether buildings, machinery, vehicles, or IT equipment.

Asset Management Software allows businesses to automate their asset management protocols. This results in several cost-saving benefits. Such as increased productivity and operations. As well as making better-informed decisions when it comes to purchasing. Other benefits that highlight the importance of asset management included:

Calculate Asset Depreciation Value

Asset Management Software makes it easier for businesses to understand the value of their assets. Asset valuation starts with the planning and purchasing stage. It then moves on to the worth of an asset during its useful life. Until an asset has a final value at the end of its useful life. Calculating an asset’s purchase price against its used worth gives its depreciation value. Knowing an asset’s depreciation value allows asset managers to make better financial decisions. As well as improve the accuracy of a company’s account keeping.

Determine Total Cost of Ownership (TCO)

Depreciation value has a direct link to understanding an asset’s total cost of ownership. TCO is a method used to determine which assets are most valuable to a business. It is calculated by adding together purchase price, operating costs, and maintenance costs. Asset managers can know if owning an asset outweighs the total running costs. Making it easier to decide when, or if, an ageing asset should be replaced or disposed of.

Reduce Unplanned Downtime

A key part of Asset management Software is being able to automate data collection. Including essential maintenance data. This allows businesses to know total usage, expected useful life, and maintenance costs. Enabling asset managers to take a proactive approach to repairs and maintenance. As opposed to running an asset to the point of failure, costing up to 10 times more in repairs costs. Without a preventive maintenance plan, companies risk unplanned downtime. Causing outages of vital equipment that can harm revenue. Unplanned downtime can cost businesses $260,000 per hour on average.

Who Uses and Needs Asset Management Software?

Asset Management Software provides several tools for tracking and monitoring business assets. This allows it to be used in multiple industries and operations.

Property, Facilities, and Building Management

5 to 20% of overall asset costs are contributed by properties, facilities, or buildings. So, having the ability to perform effective property asset management can help. Businesses can record purchase prices, appreciation value, and depreciation costs.

Apart from the financial requirement, properties and facilities require planned maintenance. As well as cleaning, security management, visitor tracking and energy management. An asset management system helps to schedule, record, and report on these activities. A modern property management tool can provide a framework to:

  • Develop and maintain an asset register
  • Calculate appreciation and depreciation
  • Schedule, track, and monitor maintenance activities
  • Record cleaning activities
  • Manage workplace layout
  • Track visitors and occupants for safety and security

Software and Hardware IT Asset Management

Businesses can collect a lot of valuable data from their IT assets. Including real-time location, work order status, users, usage, and license renewals. An IT service desk system allows businesses to maintain an asset register of their digital assets.

Along with hardware, a key asset included in most asset registers is software. Software asset management helps to reduce the cost of software ownership. As well as optimise the number of software assets required and maintain compliance with vendors. An IT management solution can:

  • Provide an on-demand view of IT assets
  • Manage entitlements and endpoints
  • Know the usage data of cloud and on-premise IT assets
  • Ring-fence IT network infrastructure to be cyber safe
  • Monitor compliance with software vendor contracts

Equipment and Machinery Management

Unplanned downtime of equipment and machinery can cost 3 to 18% of total revenue. So, businesses prefer to maximise the uptime of their machinery with asset management. It provides a framework that helps schedule planned, preventative, and reactive maintenance. This includes organising internal and external engineers and issuing work orders. As well as purchasing spare parts and planning for asset disposals.

A technology used in most asset management solutions is the Internet of Things (IoT). This allows equipment and machinery to talk to each other. Transmitting operating conditions such as temperature, pressure, and service status. IoT devices can capture this data and provide insightful reports. Helping to increase the uptime of machinery. An asset maintenance management system helps to:

  • Schedule planned and preventative maintenance activities
  • Assign jobs to internal and external maintenance engineers
  • Order replacement parts
  • Optimise maintenance costs
  • Manage reactive maintenance activities
  • Improve age and uptime of equipment

Stock and Inventory Management

Asset Management Software is often used to track stock and inventory. As well as physical assets such as buildings, properties, and facilities. As the UK Accounting Practice requires companies to declare their assets, this feature is essential. Allowing businesses to record all assets in one place, known as an asset register.

The technology used in tracking stock and inventory includes RFID tags, Barcodes, and GPS. Quite often, a hand-held scanner is used as well. Typically, inventory is connected with users, location, and projects. In some cases, it can be leased as well. Using asset management tools for inventory management helps to:

  • Reduce and eliminate ghost assets
  • Track leased and owned inventory
  • Use RFID, Barcodes, and handheld scanners to tag, track, and monitor assets

Fleet Management

Asset management tools help to track the location of a business’s fleet assets. The technology often used in tracking fleet assets is Global Positioning System (GPS). As well as tools such as Fleet Software. Asset Management Software enables fleet managers to gather various amounts of data. Including driver behaviour details, fleet maintenance plans, and fuel costs. Allowing fleet businesses to:

  • Track vehicles and drivers in real-time
  • Analyse and improve driver behaviour
  • Reduced vehicle downtime through preventative maintenance
  • Minimise maintenance, servicing, and MOT costs
  • Reduced vehicle running costs such as fuel
  • Improve the safety of vehicles and drivers

What Are the Different Types of Asset Management?

Every company has different assets that are essential for generating revenue. Whether that be software, physical assets, machinery, vehicles, or equipment. Because of the variety of assets, there are different types of Asset Management Software. Each solution provides unique benefits to the assets it is intended for.

Fixed Asset Management Software

Fixed assets are typically larger assets used in a business’s daily operations. They’re in physical asset form and listed on a balance sheet under Property, Plant, and Equipment (PP&E). Intangible assets such as copyrights and patents also fall into this category. They include:

  • Infrastructure
  • Buildings and property
  • Land
  • Machinery and equipment
  • Office equipment
  • Vehicles
  • Furniture and fixtures

These require extensive monitoring and tracking. This is because they’re the most expensive assets a business will invest in. Meaning asset managers must ensure a good return on investment. As well as making sure they’re always operational when needed the most.

IT Asset Management Software

An IT asset management system monitors software, IT hardware, digital, and cloud assets. It allows businesses to generate IT asset registers and build CMDBs. As well as improve network infrastructure visibility with capabilities such as service desk. ITAM software tracks assets such as:

  • On-premise software tools
  • Cloud-based software apps
  • Computers
  • Desktops
  • Monitors
  • Smartphones/Mobiles/Tablets
  • Routers and servers

Digital Asset Management (DAM)

Digital Asset Management (DAM) is the process of storing and organising rich-media files. Enabling users to easily locate and distribute their digital assets. Digital assets consist of images, audio files, and video content. Mostly used in advertising, sales, and e-commerce. Typical features required for managing digital assets include:

  • Tags and categorisation
  • Role and permissions
  • Quick image and document search
  • Life cycle management
  • Sharing between teams
  • Brand preservation

Digital Asset Management enables all digital assets to be stored in one central location. Also referred to as a digital library. This 'single source of truth' provides quicker distribution. As well as allowing access to more teams and departments. Without DAM Software in place, efficiency and productivity can suffer. 51% of marketers waste money and time by recreating and distributing missing digital assets.

Software Asset Management (SAM)

Software asset management tools manage the purchasing and usage of software. Unlike ITAM, Software Management Systems exclusively only manage software assets. As opposed to tracking IT hardware such as computers and servers. It enables businesses to:

  • Track and monitor software licences in one single-architecture program
  • Perform SaaS and software license management
  • Gain insights into unexpected costs and expenditures
  • Stay compliant and avoid unexpected software compliance fees
  • Understand the life cycle of software content

Enterprise Asset Management (EAM)

An EAM tool aims to control and measure asset performance. Essentially allowing businesses to maximise an asset’s usable life. EAM enables businesses to focus on asset management, maintenance, and performance. Although similar to CMMS software, an EAM system provides functions such as:

  • Work order management
  • Maintenance planning and scheduling
  • Asset analytics and reporting
  • Purchasing and procurement management

The Difference Between On-Premise & Cloud-Based Asset Management Software

From a features and capabilities standpoint, both on-premise and cloud-based systems are similar. Although a cloud-based solution has an inherent advantage whereby data collected by humans and machines is stored in one commonplace. This effectively creates ‘one source of truth’ for your machine-generated and human-generated asset register.

On-Premise

Cloud-Based

Asset RegisterExcel Import/Export and manual data entry to maintain an accurate asset register.Fundamentally the same as an on-premise system. However, if you plan to use internet-enabled equipment and machinery then any data they transmit to a cloud can be imported into your cloud asset management system. Some equipment can also be directly connected to your cloud asset management system.
Asset Inventory and AuditMost suited when you do not require direct access to the system. i.e. audit via a handheld device or manual audits.Most suited if you need access to the system on a smartphone or internet-enabled device. Since cloud-based systems are web-friendly, they adapt efficiently with devices of different screen sizes.
Asset TrackingRFID, Barcoding and NFC tracking are efficient and well-proven. Internet-enabled tracking can require additional administration.In addition to RFID, Barcoding and NFC tracking, internet-enabled tracking is inherently easier.
Planned and Preventative MaintenancePlanning and Scheduling, Work Orders, Job Orders, Scheduling maintenance visits and inspections are well-proven and efficient features. If you plan to use internet-enabled machinery and equipment then you may need to investigate how an on-premise system can collect data from the internet-enabled devices.Browser-driven access on multi-screen devices gives cloud-based systems an edge, particularly when you require multiple-teams to co-ordinate in real-time.
ReportingServer threshold levels can mean large reports may take time to runElastic capabilities of cloud servers mean faster runtime
InterfaceOn-premise systems are feature-rich and quite often more flexible and configurable than a cloud-based system. However, User Interface and User Experience can be dated.HMTL- and CSS-led technologies make the cloud system easier on the eye. Also, the User Interface and User Experience tends to be modern.
Changing workflows and processesBespoke Changes tend to be easier as the system can be tailored to your needsBespoke Changes tend to be expensive and difficult to administer.
System Configuration and Business ContinuityBespoke development is cheaper and easier to maintain in the long run. Access is dependent on your server uptime.Bespoke development can be expensive and may require some administration to maintain Access is dependent on internet and your cloud provider’s server
OwnershipThe data, the software and the server belongs to youOnly the data belongs to you. You are renting the software and server to hold your data
Cyber SecurityFewer recorded instances of breaches on on-premise systems. Please note hackers can access your network and get into your servers via the internet, so no system is 100% cyber safe.Cloud hacks are widely reported. Typically, your cloud provider is more knowledgeable and better equipped and to handle a cyber breach situation.
Costs and Lock-InsHigher initial outlay but tends to be the cheaper option if you calculate all the costs for five yearsIt is important to appreciate that you do not own the software and space where you hold your data. Typically, lower initial outlay but overall tend to be expensive.

When it comes to choosing between an on-premise and a cloud-based solution, six areas of cloud-based asset management are often overlooked:

1. Usage and Business Continuity

Most businesses migrate from spreadsheets when choosing a new asset management system. Spreadsheets typically don’t allow businesses to dynamically manage their assets, which are most often connected to users, locations, projects, and equipment. With any implementation or adoption of a cloud-based management solution, we suggest that businesses consider:

The Ratio Between Out-of-the-box Functionality and Bespoke

Out-of-the-box features are available as a standard functionality and typically include asset registers, asset details, fixed asset management, IT inventory management, asset tracking capabilities, and standard reports. Bespoke functionality revolves around specific details you capture for your assets. The level of detail required varies from company to company and changes as your business evolves. The ideal ratio is 85% Standard Functionality and 15% Bespoke Development.

Cloud Downtime

Your cloud-based system is hosted on a server that is outside your office. Sometimes the server can have downtime which will affect access to your system. Cloud servers of Amazon Web Services, Google Cloud Platform, Oracle Cloud, SAP Cloud, and many other big names have had downtimes. Whilst big businesses have load balancing in place, small businesses hardly have any alternatives. When you are considering a cloud-based tool, it is important to know the implications of cloud downtime for your business.

2. Evolving Asset Workflows

Small businesses are dynamic; they evolve at a faster rate compared to big organisations which means how you manage your assets can change every 12 to 18 months. For project-based companies, asset workflows are governed by the type of projects. For product-based companies, operational changes influence asset workflow amendments. There are cost implications to bespoke and configuration changes required for your cloud-based system.

3. New Features and Upgrades

With on-premise software, you typically have some sort of control on product upgrades. With cloud-based tools, upgrades happen at the server level which means you typically don’t have a choice. Some asset management tools offer upgrade choices but these types of upgrades are at the interface level rather than the database level.

4. Digital Access and Privacy

With a cloud-based asset management tool, it is vital to appreciate that you are renting the software as well as the storage to save your data. Once you stop the rental, your data needs to be handed back to you. This will allow you to leverage the complete benefit of a cloud-based asset management system whereby you can change the system without losing your data. Since most businesses hold customers’ data, you are required to be GDPR-compliant and protect their data.

5. Cyber Compromises

Whilst cyber-attacks on big businesses are widely covered by the media, cyber compromises at small businesses go unnoticed. With any cloud-based system, cyber-attacks can happen at the interface level or the cloud server level. When you are buying a cloud-based system, it might be useful to know where your data is stored; public cloud, private cloud, or hybrid cloud?

6. Costs and Lock-Ins

Most cloud-based Asset Management Software solutions have annual subscriptions, with customers often commiting to a 3 – 5 year contract. It is recommended that you understand hosting costs data storage limits. Lock-in periods are mutually beneficial; buyers get stability and assurance whereas vendors get revenue. Get-out clauses and switching costs need to be clearly understood at the start, too.

Top 10 Best Asset Management Software Products

FMIS Asset Management System

fmis asset management software

FMIS provides a fully integrated fixed, finance-aware asset management and tracking platform. It allows tracking of assets across multiple sites. Product features include asset tracking, a configurable asset register and auditing capabilities. As well as barcode tagging and equipment loan management. The FMIS asset management system has been successfully deployed across various industries. Including oil and gas, non-profits, education, healthcare, manufacturing, government, and retail.

Assettrack Asset Management Solutions

Assettrack Asset Management Solutions Product

Assettrac delivers a highly configurable asset management system. It supports the complex workflows of tracking revenue-generating assets. This scalable and flexible solution is packed full of features. Including asset tracking, asset register management, facilities and maintenance management, and stock control. Assettrac solutions are well versed across multiple industries. Including commercial and retail, manufacturing and industrial, healthcare, IT, and education.

itemit

Itemit Product

itemit provides an asset management solution for customers wanting to track up to 2000 assets. Deployed through iOS and Android mobile apps, itemit is an asset management solution for on-the-go users. It provides the features for tracking assets, inventory control, RFID asset tagging, and accessing data offline. It is used primarily in industries such as construction for improving project management. As well as charities, offices, and food and beverage.

Vision Software by ACMS UK

Vision Software by ACMS UK Product

Vision Software is an asset management and tracking tool by ACMS UK. It excels at managing audits and risk compliance across multiple sites and facilities. Stand out features include a comprehensive asset register and auditing risks such as fire and asbestos. As well as asset tracking, NFC vision tagging, and compliance management.

Nanolink Asset Management and Tracking Solutions Product

Nanolink delivers a cloud-based asset management tool that focuses on utilising Bluetooth. Helping to provide real-time asset tracking data. With other 500 customers, the Nanolink asset management solution offers many key capabilities. Including asset tracking, maintenance management, reporting and analytics, and third-party integrations.

Assetspire

Assetspire Product

Assetspire offers a highly configurable, cloud-based platform. Ideal for small and large businesses looking to manage and track their assets. Through tracking technology such as NFC Barcode, it has been adopted by various asset-heavy industries. Including real estate, healthcare, hospitality, and education.

Freshworks

Freshworks Product

Freshworks delivers an easy to use asset management tool. Centred around managing and tracking IT equipment. This service management tool is simple to configure and well suited to ITIL-aligned businesses. Key features include asset discovery, life cycle management, and contract management. Freshworks’ asset management system has been adopted in multiple industries. Including IT and software, e-commerce, education, public sectors, and automotive.

Real Asset Management

Real Asset Management product

Real Asset Management provides a tool that focuses on tracking assets. As well as delivering key accounting and maintenance management capabilities. Features include logging GPS coordinates, reserving assets, and quick auditing. Its focus on accounting and maintenance requirements has allowed it to become widely adopted. Including industries such as government, education, and healthcare.

Bulbthings Smart Asset Manager Software

Bulbthings Smart Asset Manager Software Product

BulbThings is an asset management solution that allows users to track assets. As well as use powerful tools to generate insights about their assets. The app features lifecycle management and TCO management. Giving users a one-stop-shop solution for all their data and asset management needs. Its appeal to both small businesses and large enterprises has delivered solutions to various industries. Including construction, hospitality, healthcare, transport, education, pharmaceutical, and manufacturing.

Traclogik Asset Management and Tracking Solutions

Traclogik Asset Management and Tracking Solutions Product

Traclogic provides an experienced real-time asset management solution. This is achieved by utilising asset tracking technologies. Its comprehensive tools have propelled the Traclogik system into an industry-leading position. Especially when it comes to asset tracking and protection solutions. Providing visibility of assets has led to Traclogik being adopted in multiple industries. Including healthcare, manufacturing, aviation, transport, logistics, construction, and security.

Articles to Improve Asset Management

What Are Ghost Assets & How to Eliminate Them With AMS

28th Aug 2021

An asset management system provides the right tools to help identify and eliminate ghost assets from your business’s asset register. By monitoring asset life cycles and tracking inventory in real-time, you’ll be able to remove these pesky ghost assets and start improving the accuracy of your data collection.

The Importance of Deploying Asset Management Tools in the Automotive Industry

12th Aug 2021

From eliminating reactive maintenance techniques and ditching error-prone asset tracking spreadsheets to maximising production and reducing costs: See how Asset Management tools help businesses to stay competitive in a market such as the automotive industry.

A Complete Guide to Property Asset Management

6th Dec 2019

Asset management software is implemented into a vast majority of industries and organisations, one of which is the property business. From efficient help desk and service desk management to maintaining an entire portfolio of facilities, delve into our complete guide to property asset management and discover its many benefits.

The Four Key Stages of Asset Life Cycle Management

10th Oct 2020

Tracking and analysing the life cycle of each asset is a great way to build maintenance schedules and plan for future purchases. In fact, the life cycle process can be broken down into four simple stages. Discover the crucial life cycle stages, understand why tracking an asset’s life cycle is essential, and learn how to do it with an asset management system.

How Local Councils Can Benefit from Effective Asset Management

28th Nov 2019

Owning over £420bn worth of public property assets with a total running cost of £23bn per year means one thing; asset management systems are crucial for local councils. In this guide, we highlight the many features and tools that councils need in order to operate at the most efficient level.

The Benefits of Implementing Asset Management Solutions in Schools

1st Apr 2020

From ensuring the availability and usability of schools assets to tracking budget spending across all school departments. Understand the importance of implementing asset management software and tools into your primary or secondary school with our in-depth buyer’s guide.

3 Ways Chemical Manufacturers Can Overcome Challenges With Asset Management Software

16th Jun 2020

Discover how deploying asset management software within the chemical industry can enhance asset reliability, maximise the utilisation of assets, and help you save on maintenance costs.

Maximising Equipment & Infrastructure Performance with Utilities Asset Management

6th Jul 2020

By deploying the best asset management system with the right tools, you're able to improve the management and maintenance of your production-critical utility assets to increase asset reliability. As well as reduce costly outages and maximise your utilities output.

How Asset Management in Manufacturing is Creating the Smart Factories of Tomorrow

20th Nov 2019

Discover the benefits of an asset management system that has been specifically designed for use in the manufacturing industry. Also, learn why successful asset management in manufacturing is key to producing the smart manufacturing factories of tomorrow.

What Is an Asset Register and Why Is Accuracy Important

22nd Nov 2019

There is a famous saying in the asset management software world: “if you count all your assets you always show a profit”. Yet a staggering 81% of small and medium businesses do not have an accurate view of their assets.

The Benefits of Managing Assets in a Micro Business

21st Oct 2019

It's important to understand that, as well as benefiting small and large companies, YOUR micro business can also benefit from effective asset management.

5 Benefits of Deploying a Healthcare Asset Management System

17th Oct 2019

Discover how an effective asset management healthcare tool reduces wasted nursing hours searching for equipment and improves patient care.

Moving From Spreadsheets to Asset Management Software

12th Oct 2022

Learn why it's time to stop using error-prone spreadsheets for asset management and how to transition to Asset Management Software.

The 5 Asset Reports You Need to Improve Your Asset Management

10th Jan 2020

No matter what asset management tool you choose, generating the right asset reports is vital. From maintenance schedules to inventory management; here're 5 essential reasons why.

How Best to Elevate Your Fixed Asset Management & Accounting

12th Feb 2021

Assets are the most crucial & expensive assets on a business's balance sheet, highlighting the importance of asset management.

Improve Workflow by Digitising Your Asset Inspection & Survey Processes

19th Feb 2021

Why ditching manual asset inspection and survey methods in favour of digitised tools is essential for improving efficiency & productivity.

Why Asset Management is Essential for Construction Sites, and How to Use It

17th Feb 2020

Allow project owners and site managers to maximise the usability of construction assets across multiple sites and buildings with asset management software. Helping to improve project management and asset reliability.

A Complete Guide to Asset Management for Small Businesses

25th Apr 2022

This article is for SMBs who are exploring using Asset Management Tools to enhance their asset visibility, maintenance, depreciation calculations, mobile access and inventory management.

Inventory Management Within Asset Management Software

30th Nov 2022

Having access to an asset management system is key for tracking stock and gaining visibility to improve your inventory management.

Why Asset Maintenance Is Critical For Extending Asset Life

4th May 2022

When it comes to keeping assets in optimal working condition & reducing downtime, having an asset maintenance strategy in place is critical.

Using Mobile Devices and Cloud-Based Apps to Take Asset Management Offline

25th Nov 2021

From accessing real-time data to tracking assets in the field, discover why and how asset management tools are taking advantage of mobile.

Asset Management Market Report and Insights

12th Aug 2022

The Comparesoft AMS market & insights report 2022 shows the latest trends, user requirements & gaps in the Asset Management Software market.

Stick or Twist: Does Your Mid-Sized Business Really Need a New Asset Management System

14th Oct 2022

Medium-sized businesses can achieve greater functionality, visibility & collaboration to meet complex goals with Asset Management Software.

Deciding to Change Your Asset Management System? Here're 4 Aspects You Should Know

18th Oct 2022

Thinking of changing your existing asset management system? First, consider if you really need to upgrade and then know how best to do it.

Losing Trust in Pen and Paper? Here're Some Alternative Asset Management Approaches

20th Oct 2022

Using pen and paper to manage your assets is often frowned upon, but a surprising number of companies take this approach – and that’s okay. But there are several risks you should be wary of when doing so, which is why it’s encouraged to seek alternatives for your asset management activities – from spreadsheets and tablets to Asset Management Software.

Reduce Costs Without Compromising on Quality: A Guide To Reducing Asset Management Software Costs

25th Oct 2022

Read our comprehensive guide for Asset Management Software procurement teams looking to reduce costs without compromising on quality.

Customisable But Complex, Why Enterprises Shouldn’t Underestimate a Large-Scale Asset Management Project

26th Oct 2022

Implementing an enterprise asset management system provides customisation and outright ownership, but it presents complex deployment issues.

FAQs About Using Asset Management Software

Q A

How Much Should I Spend on Asset Management Software?

For micro-businesses with less than 10 employees: From £25 per user per month to £75 per user per month.

For small businesses with 11 to 50 employees: From £50 per user per month to £100 per user per month.

For medium-sized businesses with 50 to 250 employees: From £75 per user per month to £399 per month.

For large businesses with 250 to 500 employees: From £75 per user per month to £599 per month.

For Enterprise businesses with 500+ employees: From £75 per user per month to £999 per user per month.

Implementation costs will depend on the complexities of your requirements.

Micro and small businesses typically should aim to spend no more than a few days on implementation.

For medium to large businesses, implementation will vary from 2 weeks to 24 weeks.

The decision on how much to budget or spend on software is linked with:

  • The complexity of your asset operations - the cost will be higher if you need more customisations and configurations for your business

  • The importance of good asset management to your businesses - If you need a common system for all the users to access asset data then the costs will be lower compared to having your asset management processes and asset data in the system

  • The digital skillset of your users - Teams that are used to working with software tend to keep data clean and pick simple systems which lower the costs

Just to be clear, the above are indicative guidelines. We know micro businesses who have spent £150,000 on software and enterprise businesses who have spent £15000. If you have specific questions, feel free to chat with us using the chat window in the right corner.

Q A

Should I Pick My Asset Management System Based on How It Looks?

Software interface design lies in the eyes of the software user - beauty lies in the eyes of the beholder.

How software looks is subjective. We recommend you pay close attention to how the software functions with your processes and how easy it is to navigate within the software.

The example that may be relevant here is - How a hammer or a screwdriver looks is less relevant to how it functions. Similarly, how the software looks (in our opinion) is far less important than how it works for your business.

First-time software buyers quite often fall for good interface design than how it works. The key aspect to focus on is to pick an Asset Management Software that drives better communication between your teams.

Q A

How Can Asset Management Software Help Make Better Operational Decisions?

Compared to using spreadsheets, Asset Management Software (if implemented correctly) will deliver the following;

  • An accurate asset register: You'll know the status, location, and user of all your assets

  • A relationship between your assets: Visibility of asset interdependencies will give you a framework to control and improve your asset management processes

  • Alerts and reports on your asset management: Giving you data-based facts about your assets

To take quick operational decisions, businesses typically lack trustworthy data and there is more reliance on gut-based operational decisions. With an asset management system, you can make quick decisions using both good data and your gut.

Data-based decisions quite often get buy-in from all levels of the organisation - helping asset managers to implement their operational decisions effectively.

Q A

How Much Does Asset Management Software Cost?

The cost of Asset Management Software can vary depending on multiple factors. Including features, software type, and business size. As well as how many assets a business has. Prices vary from free models to enterprise products, which can cost more than £5000 a month.

Businesses also need to consider the costs associated with the deployment of Asset Management Software. Including:

  • Monthly fees

  • Start-up/Set-up costs

  • Installation costs

  • Staff training

  • Hardware purchases

The cost of Asset Management Software also depends on the vendor and their product. For example, some vendors will offer a variety of pricing options depending on business size and budget. Such as Asset Panda, Invgate assets, and Manageengine Assetexplorer. Whereas other vendors model their prices for more enterprise operations. Like Infor EAM and Asset Infinity.

Q A

How Do I Convince Top Management To Buy Asset Management Software?

The fastest way to get approval to spend on an asset management system is to link your management’s KPIs with Asset Management Software.

By management, we don’t just mean the person you report to, but all the people who are 3 levels from you in the management team.

Below are some examples of linking management’s KPIs with Asset Management Software:

1) We can increase productivity by 3 to 5% if we do not spend time finding information about assets. Currently, we spend too much time finding information rather than taking actions. An asset register can help us to be more productive.

2) We can save 5 to 15% in asset replacement costs if we extend asset life by 15%. This can be done through planned and preventative maintenance of critical assets. Currently, we are mainly reactive with our asset maintenance. Asset Management Software can help us to reduce asset changeover costs.

The above are very generic examples. Your statements need to be very specific to your KPIs and your industry.

Here are 5 key reports that you get from an asset management system, these reports may be useful to link back with your KPIs.

Once you have linked the KPIs, the next step is to constantly communicate the importance of an asset management system to your organisation.

Below are some of the tactical ways to drive attention to the asset system:

  1. Gauge the landscape via informal communication with your management

  2. Book one-to-one meetings with the person you report to and formally talk about the need for an asset management tool. Take a soft approach with your positioning, this is the best time to present/talk about hitting KPI’s by using the software.

  3. Be data-oriented and data-led; let your management see the improvement in numbers

  4. Build scenario’s on what success looks like with an asset management tool

  5. Be frequent about your messaging on hitting KPIs with the asset management tool

  6. Internal email follow-ups are very important. Well-structured internal follow-ups can drive up the approval you are looking for.

  7. Share success stories, use case studies from software provider’s websites to validate your suggested strategy

  8. Try ‘Before’ and ‘After’ Asset Management Software Scenarios

  9. We know we’re being repetitive here, but link your management’s KPI with Asset Management Software

Q A

I’m Not Sure If Asset Management Software Is Right For Us - Where Should We Start?

It might be an idea to go over the details of what you’re not sure about. Typically, the unsureness falls into the following categories:

  1. Unsure if you need software at all

  2. Unsure about the exact features you need from the software

  3. Not sure about which software to buy

  4. Unsure if the software would get used by your company

If you are using pen and paper to manage your assets and processes then it may be an idea to use spreadsheets or digital notepads instead (hopefully this gives you some clarity for point 1).

If you are using spreadsheets to manage assets and are unsatisfied, then typically a simple asset management App might be a good starting place (this gives more clarity for point 1).

Which features you need depends on your industry and your current setup. Feel free to chat with us (the chat window should be on the lower right of your screen) and we may be able to clarify the features you need (this should help with point 2).

We have written a comprehensive and practical guide to buying the right software (that covers point 3).

On point 4, we recommend starting with a very simple setup. Just to let you know, a simple setup is actually very hard. It takes a lot of focus and critical thinking to set up a simple system. Most companies throw their current process on new software and that’s where the complexity starts. Instead, revisit your processes and see if you can simplify them - if it's simple it will get used. Our favourite example is Google - It has one field to search and that’s it.

You can always chat with us or call us if you have specific questions.

Q A

How to Negotiate and Get the Best Deal on Your Asset Management Software

Almost all software buyers focus on price as a core negotiation factor.

Whilst price is always important, two other factors are equally as important; implementation and support.

Implementation is like plumbing, done correctly and you won’t notice its presence. But, we all know what happens if the plumbing is not right.

Whilst price negotiation is always the core focus, the ideas below can full-proof your Asset Management Software project and help strive to get you a good deal:

  1. Get your software implemented by the most experienced project manager.

  2. Agree to be a beta tester for a pricing discount.

  3. Agree to take part in a case study in exchange for full-proof implementation.

  4. Ask to work with an experienced account manager.

  5. Explore if you can introduce the software to your network in exchange for a better price.

Q A

What's the Difference Between Fixed Asset Management and Asset Management?

Fixed asset management is the process of tracking non-current tangible assets. Enabling businesses to maximise the usability of each one. It focuses on the management of physical assets that are primarily used to help generate revenue. Such as property, plant, and machinery. As opposed to current assets, such as cash and short-term investments.

Fixed assets are long-term assets, referred to as capital assets. They have a life span of one accounting year or more. Appearing on a balance sheet as Property, Plant, and Equipment (PP&E). Two examples of PP&E are IT equipment and an office building. This is because of their physical form. Noting that they will be used to generate revenue in the next few years of operations. They can also be referred to as non-liquid assets. Meaning they can't easily be converted to cash. Whereas current assets, such as inventory, can be converted to cash or used within the year.

Fixed management tools let businesses track and record their assets. With the intention of improving life cycle management. This means, when an asset reaches the end of its usable life, there is enough data to generate an estimated salvage value based on if it was broken down and sold in parts. Or, in some cases, the data will highlight the asset is no longer valuable. Recommending that it should be disposed of without receiving payment.

Finance managers and accountants typically take an interest in knowing how assets are managed. To ensure correct management as per accounting standards. For instance, there are specific depreciation protocols to be followed with fixed assets. Especially when compared to leased assets, which are treated differently to owned assets. Because of this, the IFRS has defined specific standards to manage different types of assets. For example, IAS 16 relates to the management of property, plant and equipment.

Q A

Who Uses Asset Management Software?

Asset Management Software provides multiple features for various tasks. Meaning a system can be used by a number of different stakeholders. For instance, an AMS solution will be used by:

  • Asset managers

  • Inventory and stock managers

  • Facility managers/Landlords

  • Technicians/Engineers

  • CFOs

  • Maintenance teams

  • Accountants/Financial teams

Asset Management Software is also used across a wide range of asset-heavy industries. Including small and medium businesses (SMBs)as well as large enterprises. Typical industries that benefit from digitalised asset management include:

Q A

What's the Difference Between Asset Management and Asset Tracking?

Both asset management and asset tracking can be lumped in the same category. For instance, asset tracking tools are often included in most Asset Management Software. The two systems go hand-in-hand when it comes to recording data. But, when compared, there are various differences between the two.

Asset Tracking Software can be purchased as a stand-alone solution. It is utilised for inventory, equipment, and fleet management. Focusing on real-time tracking and recording of assets. This enables businesses to collect data to build an accurate asset register.

Asset tags enable users to view an asset's current state in real-time. Including location and users. This is possible with the use of Barcodes, RFID tags, and GPS trackers. Real-time data is useful for locating lost or stolen assets. As well as reducing ghost assets and cutting purchasing costs.

Asset Management Software, on the other hand, offers a more complete package. It provides features to manage assets in a way that maximises usability and ROI. A key function of Asset Management Software is ensuring life cycle management. This helps forecast the acquisition of future assets. As well as allowing asset managers to assess and conduct the disposal of ageing assets.

AMS tools also allow businesses to manage planning and budgeting. As well as maintenance management and service management.

Q A

How Does Asset Management Software Help with Asset Audits?

There are two types of audits:

  1. Physical Audits

  2. Inspection Audits

A Physical audit is a process of physically finding an asset and tagging it with a tracking label (Barcode, QR Code, RFID tag, etc.).

Essentially you are creating an asset register, which is a database with meta information about all your assets (you can read all about an asset register and why it's important here).

If you have less than 100 assets, then you can create an asset register in a spreadsheet. But, if you have more than 100 assets, then Asset Management Software can help you to build a practical and useful asset register - your one source of truth for your asset data.

Below are examples of information that Asset Management Software holds, allowing you to report on:

  1. Current and historic location of your assets

  2. Current and historic users of your assets

  3. On-going maintenance activities of assets

  4. Financial information about your assets

The above information from an asset management system will help you to trust your asset data and make quicker decisions. Thus improving your operational productivity and the accuracy of your asset reporting.

An inspection audit is a process of physically or digitally (using drones) inspecting your assets. A physical inspection typically involves scanning a label (tagged during physical audits) to validate the location and status of an asset. This is essentially a validation process.

Almost all asset management systems offer the opportunity to tag and scan assets making it easy (and paperless) to audit all your assets.

Simple features like tagging and scanning using an Asset Management Software app on your phone, taking pictures of assets, creating tickets against assets, and attaching documents, makes it easy to maintain a true asset register that you can trust.

Q A

Is Asset Management Software Right for Small Businesses?

In the UK, small businesses are identified as a company with a workforce of fewer than 20 people. As well as an annual turnover of £1 million to £5 million. A steady flow of revenue is only achievable with assets that contribute to day-to-day operations. But, if these assets were to break down, go missing, or sit idle, annual turnovers would decline.

One solution for utilising assets is with a small business asset management system. As well as large enterprises, Asset Management Software can prove vital to a small business’s operations, too.

Though small businesses consist of only a few assets, they tend to rely heavily on limited resources. The cost of operating or replacing assets is the difference between revenue and debt. With Asset Management Software, valuable assets can be tracked and recorded. Helping to optimise and maximise their output.

By tracking assets, businesses can gain an insight into how they are used. They can understand when an asset is used and what it is used for. Effectively being able to improve lifecycle management. As well as identifying the total cost of ownership for each asset.

Small businesses can also produce maintenance and repair schedules. Helping to reduce the impact of costly unplanned downtime through preventive maintenance. Unplanned downtime is costing businesses up to $260,000 (£200,000) a year in the manufacturing industry alone.

As well as correcting downtime, asset management tools have the ability to track assets in real-time. Businesses can track and record an asset’s location, see where it was last used, and who it was last used by. This data is collected with tracking and tagging tools such as RFID tags, GPS trackers, and Barcodes. This data leads to a reduction in lost and stolen assets, which can be expensive for a small business to replace.

Q A

Can Asset Management Software Replace Spreadsheets?

Although cost-effective, using spreadsheets to manage and track assets can prove costly. If not now, then most likely in the long-term. Spreadsheets can inflict more harm than good as a business grows.

Not only do spreadsheets lack features, but they also increase the likelihood of incorrect data. False data most commonly accumulates at the manual input stage. Occurring in the form of duplicated fields and typing errors. This type of human error can be disastrous for business. Especially smaller businesses. Human error cost UK businesses an estimated £98.6 billion in 2015 alone.

Errors become more common and undetectable as a business expands. With more assets moving in and out of the workplace, the process of logging data intensifies. Spreadsheets also have a lack of usability and accessibility. As well as giving no indication as to who or how many users have updated a file. There is also no audit trail, making it difficult to keep accurate counts of inventory.

Asset Management Software excels as a spreadsheet alternative. A tool with tracking capabilities can help reduce errors and improve the accuracy of data. Accessibility is enhanced through the use of cloud-based technology, too. Alerting managers and employees when data has been edited or updated.

Q A

What Is Asset Life Cycle and How Is It Measured With Asset Management Tools?

An asset management system lets businesses observe, track, and maintain assets throughout their entire lifecycle. This is asset lifecycle management; a process to extend the usable life of an asset. While also maintaining optimum performance levels.

Collecting asset lifecycle data helps businesses to grasp the total cost of ownership. While also understanding how each asset can be utilised in day-to-day operations. With this data, a business can determine when an ageing asset is deteriorating. Allowing asset managers to calculate depreciation value. Essentially helping to reduce future spending by effectively planning for its disposal.

The asset lifecycle can be split into four stages:

Planning

Planing can be viewed as a simple, yet crucial, stage of the asset lifecycle process. It is a stage that analyses trends and evaluates data from existing assets. Businesses can generate reports and accurately understand the need for acquiring a new asset.

Acquisition

Once an asset has been identified, it is acquired and installed. The process of tracking and managing the asset then begins at an early stage. Effectively collecting accurate data for any other future acquisitions.

Operation and Maintenance

After an asset is installed, it can begin to perform its operational duties. If all goes well, this stage will be an asset's most prolonged in its lifecycle. To help extend an asset’s operational life, a maintenance and repair schedule is needed. This can be achieved through preventive, active, reactive, or emergency maintenance.

Renewal/Disposal

Finally, at the end of its lifecycle, an asset is either sold, re-purposed, thrown away or recycled. Businesses can understand an asset’s total cost of ownership and decide whether to dispose of or replace it. The data may highlight that the asset is no longer valuable and should be scrapped. Either by dismantling it and selling it for parts or disposing of it without receiving any payment. If there is still a purpose for the asset, a replacement can be purchased and the lifecycle begins again.

Q A

What Are the Benefits of Open-Source Asset Management Software?

Open source Asset Management Software can be modified, inspected and enhanced to match operational needs. This is possible when a software vendor grants access through the purchase of a licence. With most open-source software, changes can be made by editing and adding lines of code in the source code.

By having access to the source code, businesses can essentially edit the platform and create their own version. As opposed to proprietary, or closed software, which allows only the author to alter the software. With access, in-house programmers are able to customise layouts and even improve security and privacy. All while adding a personal brand to make the system more familiar with your team.

There are various benefits of an open-source asset management solution. With an increase in security being one main advantage. If an employee discovers a security flaw or bug in the source code, in-house teams can provide an instant fix. Whereas with closed software, businesses may have to wait for the vendor to make any critical changes.

Other advantages of open source software include customising fields, tabs, reports, and user roles. It also lets businesses edit user entries. Allowing teams and departments access to information that may not be available to others.

Q A

Can Asset management Software Work With a Mobile Device?

Mobile devices have become a common feature in the workplace and with asset management solutions. In fact, 60% of employees use mobile devices for work-related activity.

A key feature of using Asset Management Software on mobile devices is the ease of accessibility. Always attached to a person, a mobile device is likely to always be within arms reach. Employees can also have regular access to an asset register. Whether on-site or in the field.

An asset register will include essential data that can be updated and edited from anywhere. This is handy for field employees who are working away from the office. It can also be used in businesses that have multiple site locations. Such as construction and logistics companies.

With built-in radio antennas, mobile devices can be configured to act as a receiver. Allowing them to communicate with devices like RFID tags and Bluetooth receivers. This gives access to real-time data and can be used to track an asset’s location. A smartphone’s hardware features, such as a camera, also has the ability to scan Barcodes and QR codes.

Other benefits to mobile asset management include alerts for asset availability. This can be useful if a business is operating an equipment checkout system. As well as knowing the status of work orders, and having instant access to reports and budgets.

Q A

What’s the Difference Between Asset Management and Inventory Management?

Assets and inventory are essential when it comes to generating revenue. Whether that be raw materials, stock, fleets, machinery, or employees. But, deciding on the best way to manage them and choosing the right software management tool can be tricky. That’s why it’s important to define what assets and inventory are:

  • Assets are what you own

  • Inventory is what you sell

Before implementing either type of software, it’s important to understand the stakeholder’s needs. For example, one essential stakeholder would be an asset manager. An asset manager would need access to the right tools to carry out their responsibilities. The role of an asset manager includes:

  • Identifying and quantifying risks

  • Assigning assets

  • Providing evidence for compliance

  • Monitoring and reporting on individual assets

  • Forecasting future procurements

Benefits of an Asset Management System

Implementing Asset Management Software lets businesses track, monitor, and analyse the things they own; assets. An effective system will provide the tools to make the most cost-effective decisions when it comes to acquiring. As well as maintaining and disposing of assets. Resulting in an improved ROI for each asset. Typical benefits include:

  • Real-time asset life cycle tracking

  • Monitor and collect accurate data

  • Forecast future procurements and budgets

  • Reduce maintenance costs and unplanned downtime

Benefits of an Inventory Management System

An inventory management system incorporates both raw materials and finished products. Inventory managers can track, maintain, and control stock levels. As well as automate ordering processes to keep within stock level thresholds. Effective management is essential for businesses who rely on sales to increase their bottom line. Typical benefits include:

  • Reducing replacement costs for lost or stolen inventory

  • Maintaining stock levels to keep up with demand

  • Automate manual tasks such as stock-taking and ordering

  • Avoid over-ordering of stock

Q A

All Asset Management Software Look the Same - What Is the Best Way to Compare Systems?

The time will come when, after weeks of searching and enquiring, all Asset Management Software looks similar. But, with our specialised algorithms and comparison tools, we can help. Comparesoft provides a list of the best asset management solutions that match a business's needs.

Our goal is to eliminate the painful process of search and comparison, making it as simple as possible. By providing us with requirements, we will help to find the right solution for every business.

We take a business's information and compile a catalogue of product results within minutes. This is based on a business's asset types, quantity, and industry. Businesses take a deeper look into each product with our information-packed profile pages. As well as shortlist and compare products against each other.

Before we list any Asset Management Software system, we ask each vendor to demo their product to us. This way, we can ensure each product matches our high-quality standards. We also rank and recommend each product based on verifiable data. As well as feedback from past customers who have used the product.

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